The jury verdict Friday that found Ira Rennert and his firm liable for $118 million from Magnesium Corp. of America’s 2001 bankruptcy stands as a stark warning for insiders to tread carefully when extracting money from a company, lest they land on a particularly pricey hook if it ends up insolvent, experts said.
State Farm Lloyds will refund $352.5 million to more than 1 million policyholders who were allegedly overcharged on their homeowners’ insurance, ending a 12-year dispute with the Texas insurance commissioner and the Office of Public Insurance Council, the parties announced Friday.
Skadden Arps Slate Meagher & Flom LLP and hedge fund Tennenbaum Capital Partners LLC on Thursday pushed back against fraud accusations by the founder of defunct packaging company Radnor Holdings Corp., with the law firm calling him a “serial and vexatious litigant” whose actions are sanctionable.
A New York federal jury found Ira Rennert liable on Friday for contributing to Magnesium Corp. of America’s 2001 bankruptcy, ordering the billionaire industrialist and his firm to pay $118 million in damages for taking shareholder dividends that allegedly left MagCorp too weak to survive.
Ericsson Inc. on Thursday filed seven lawsuits in a Texas federal court against Apple Inc., saying the tech giant’s popular iPhone, iPad and other products infringe 41 of Ericsson’s standard-essential patents, following a breakdown in license negotiations between the parties.
The Ninth Circuit refused on Friday to revive antitrust multidistrict litigation from Netflix Inc. subscribers claiming the company plotted with Wal-Mart Stores Inc. to corner the online DVD sales and rental markets but upheld a $27 million settlement Wal-Mart reached with its own customers in the case.